Global Energy Efficient Lighting Market is Expected to Bounce Back After the Pandemic Debacle with a Fascinating CAGR of 8.1% in the 2022-2030 Timeframe [225-Pages] | Explained by Research Dive
The global energy efficient lighting market is expected to witness prominent growth by 2030, due to the increasing adoption of energy efficient lights for energy savings. Regionally, the Europe region is predicted to dominate the market
NEW YORK, May 16, 2023 /PRNewswire/ -- Global Energy Efficient Lighting Market Forecast Analysis:
As per the report published by Research Dive, the global energy efficient lighting market is anticipated to garner $93,303.0 million in revenue and rise at a CAGR of 8.1% during the forecast period from 2022 to 2030.
Segments of the Energy Efficient Lighting Market
The report has divided the energy efficient lighting market into the following segments:
- Source: high-intensity discharge lamps (HID), linear fluorescent lamps (LFL), light emitting diodes (LEDs), and others
- Light Emitting Diodes (LED) - Predicted to garner $42,659.0 million in revenue by 2030
The increasing demand for LEDs across various applications due to their beneficial advantages such as greater physical robustness, faster switching, smaller size, and many more are expected to foster the growth of the market sub-segment forward. - Application: home, commercial, and industrial
- Commercial – Expected to generate a revenue of $36,022.4 million by 2030
The increasing penetration of LEDs in the commercial sector, due to their numerous advantages such as reducing capital expenditure, optimizing labor costs, offering greater energy saving, and many more are predicted to amplify the growth of the market sub-segment further. - Region: North America, Europe, Asia-Pacific, and LAMEA
- Europe – Projected to register $29,959.6 million in revenue by 2030
The increasing production of energy-efficient lamps, the strong presence of leading manufacturers, and strict energy efficiency regulations in this region are expected to boost the regional growth of the market over the analysis timeframe.
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Dynamics of the Global Energy Efficient Lighting Market
The increasing adoption of efficient lighting across various commercial, industrial, and residential applications because of their various advantages such as greater shelf-life, and energy savings are expected to propel the growth of the energy efficient lighting market over the analysis period. Besides, the rising government initiatives to adopt LEDs for better energy efficiency are expected to augment the growth of the market during the forecast period. However, the high implementation and equipment cost of energy efficient lighting may hinder the growth of the market over the estimated period.
The increasing attention on the implementation of smart LED lighting solutions across various applications such as architectural, highways & roadways applications, and many more, is expected to create excellent growth opportunities for the market during the analysis period. Moreover, numerous advantages of smart LED solutions such as controlling the lighting with mobile phones, are expected to uplift the growth of the market in the coming period.
Covid-19 Impact on the Global Energy Efficient Lighting Market
The outbreak of the Covid-19 pandemic has had a negative impact on the energy efficient lighting market, likewise various other industries. This is mainly due to the shortage of electric components supply chain during the pandemic period owing to the stringent government guidelines and strict lockdowns. Moreover, the reduced production of lighting systems and other electronic devices by leading OEMs and cuts in capital budgets, and delays in planned projects across various industries have declined the market growth over the crisis period.
Key Players of the Global Energy Efficient Lighting Market
The major players of the market include
- Schneider Electric
- Advanced Lighting Technologies Australia Inc
- ABB
- NICHIA CORPORATION
- Toshiba Corporation
- Bridgelux
- Philips
- General Electric
- Digital Lumens Inc
- Eaton
These players are working on developing strategies such as product development, merger and acquisition, partnerships, and collaborations to acquire a leading position in the global industry.
For instance, in February 2022, Eaton, an American-Irish multinational power management company announced its partnership with LG Electronics, a leading provider of new innovations across the globe to provide flexible load management for renewable distributed energy applications.
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What the Report Covers
Apart from the information summarized in this press release, the final report covers crucial aspects of the market including SWOT analysis, market overview, Porter's five forces analysis, market dynamics, segmentation (key market trends, forecast analysis, and regional analysis), and company profiles (company overview, operating business segments, product portfolio, financial performance, and latest strategic moves and developments.)
More about Energy Efficient Lighting Market:
- Energy Efficient Lighting: The Environment-Friendly Way of Illuminating Homes and Industries
- Global Energy Efficient Lighting Market to Surpass $93,303.0 Million by 2030, Owing to the Greater Energy Savings and Long Shelf-life of Energy Efficient Lighting
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About Research Dive
Research Dive is a market research firm based in Pune, India. Maintaining the integrity and authenticity of the services, the firm provides the services that are solely based on its exclusive data model, compelled by the 360-degree research methodology, which guarantees comprehensive and accurate analysis. With an unprecedented access to several paid data resources, team of expert researchers, and strict work ethic, the firm offers insights that are extremely precise and reliable. Scrutinizing relevant news releases, government publications, decades of trade data, and technical & white papers, Research dive deliver the required services to its clients well within the required timeframe. Its expertise is focused on examining niche markets, targeting its major driving factors, and spotting threatening hindrances. Complementarily, it also has a seamless collaboration with the major industry aficionado that further offers its research an edge.
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